HVAC Equipment Market to Reach US$ 199.2 Bn by End of 2031: TMR Study

WILMINGTON, DE / ACCESSWIRE / February 1, 2023 / Transparency Market Research Inc. – The global HVAC equipment market value is anticipated to expand at a 5.8% CAGR between 2022 and 2031. A HVAC or heating, ventilation, and air conditioning system is an all-in-one device set inside a building for providing proper airflow, good air conditioning, and comfortable ambience for residents of the building. HVAC systems are used in industrial, commercial, and residential buildings. Rise in climate change and growth in awareness about environmental impact augments the need for sustainable energy, thereby increasing the demand for HVAC systems.

Rise in inclination toward energy conservation propelled the need for eco-friendly factory automation products. Additionally, the advent and integration of the Internet of Things, or IoT systems such as monitors, sensors, and mobile apps for interacting with and controlling HVAC systems are anticipated to boost their popularity in the market during the forecast period.

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According to TMR report, the global HVAC equipment market value stood at US$ 114.7 Bn in 2021 and is anticipated to reach US$ 199.2 Bn by the end of 2031. Manufacturers in this market are engaging in new ways and means to control cost-effectiveness and improve the overall efficiency of HVAC systems to attract high business opportunities during the forecast period.

Key Findings of Study

  • Increase in Construction Activities: Rapid rate of urbanization has resulted in the growth of commercial and residential sectors, which is projected to aid in HVAC equipment market expansion. The rise in population and the increase in industrial setups are automatically augmenting the number of construction activities worldwide, thereby creating market demand for HVAC equipment.
  • Rise in Implementation of Safety Standards: Governments of several nations have implemented energy consumption and safety standards to keep a check on pollution levels emitting from both residential and industrial equipment. Major concern about climate change and global warming propels governments and various organizations to promote the adoption of renewable energy technology. Thus, HVAC systems that are solar powered have a high scope for growth in this market, along with the rise in popularity and acceptance of geothermal heat pumps. The increase in stringent safety standards is therefore expected to help promote the global market for HVAC equipment during the forecast period.

Key Drivers

  • Rise in construction activities across the world is anticipated to aid in expansion of the HVAC equipment market
  • Surge in demand for renewable power consumption equipment used in residential, commercial, as well as industrial applications is projected to aid in HVAC equipment market expansion
  • Increase in adoption of HVAC equipment in hospitals, multiplexes, hotels, clinics, and restaurants is anticipated to be a significant market trend
  • Increase in adoption of smart technologies in HVAC systems is likely to promote business in the near future

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Regional Growth Dynamics

  • Asia Pacific held 52.9% of the market share in 2021 and emerged dominant, owing to the rapid economic development in India and China. Besides this, presence of large population and rise in demand for air conditioning systems are further anticipated to help this region continue dominating the market in the near future.
  • Rise in export chains of low-priced HVAC systems to other regions such as South America and Africa is likely to help the market in Europe gain significant revenues in the next few years.

Key Players

Prominent players in the global HVAC equipment market include Fujitsu General Ltd., Moon Environment Technology Co., Ltd., Panasonic Corporation, Mitsubishi Electric Corporation, Ingersoll-Rand, Hubei Donper Electromechanical Group Co. Ltd., Hitachi Ltd., Gree Electric Appliances, Inc. of Zhuhai, Sanden Holdings Corp., and Daikin Industries Ltd.

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HVAC Equipment Market Segmentation

Product Type

Heating Equipment

  • Heat Pumps
  • Furnaces
  • Unitary Pumps
  • Boilers
  • Others

Cooling Equipment

  • Chillers
  • Air Conditioners
  • Water Cooling Towers
  • Others

Air Delivery Equipment

  • Ventilation Fans
  • Humidifiers/Dehumidifiers
  • Others


  • Residential
  • Commercial
  • Industrial


  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • Latin America

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